DWS will pay Watkin Jones £90m over the course of the development of Kelaty House, net of all client funding and acquisition costs. The completed scheme will be managed by Fresh Student Living, Watkin Jones student rooms brand.
The scheme has planning consent for 599 student bedrooms with associated amenity and management space. It also includes a retail offering and substantial landscaped external communal area.
It forms part of a wider mixed-use site, which also includes 300 build-to-rent apartments and associated underground car park which Watkin Jones is contracted to develop for Kelaty Propco, a joint venture owned by Singaporean developers Lum Chang Holdings and Sin Heng Chan. [See our previous report here.]
Watkin Jones chief executive Richard Simpson said: “The Wembley regeneration story is remarkable and it is firmly established as a destination of choice by students for their accommodation. It is significant that a global institution has invested in their first student accommodation scheme in the UK by partnering with Watkin Jones for both the development and then the management of the asset. Our track record in developing into the robust UK PBSA sector is well proven as this transaction highlights. We look forward to deepening our development pipeline and leveraging our expertise further."